Businesses
Tax Tips for Small Businesses
Tuesday, April 8th, 2008Most of unincorporated business are considered “sole proprietors.” A sole proprietor is just another way of saying “self-employed,” “independent contractor,” or “freelancer.” Income and expenses related to your self-employment is reported on your 1040, Schedule C. Being self-employed is quite possibly one of the best tax strategies available today. You are in full control [...]
Business Tax Overview
Friday, March 28th, 2008When you have your own corporation, you are responsible for many other tax obligations. Many new entrepreneurs are overwhelming with many complex and burdensome bookkeeping and tax obligations. When you are an employee, you do not have to worry much about taxes. Almost all of your taxes are withheld from paychecks by your employers. But [...]
Home Office Tax Saving
Monday, March 24th, 2008Do you spend a lot of your time working from home? If you do, you may find not only it is convenient, low overhead, but more importantly, it allows you to deduct the business use of your home and take the advantage of tax saving. Your personal household expense are generally not deductible. By utilize [...]
Industry Issue Focus
Monday, January 14th, 2008The Large and Mid-Size Business Division (LMSB) of the IRS is implementing an Industry Issue Focus (IIF) approach to compliance as part of its overall issue management strategy. The goals of this approach are: Consistency in resolution across industry lines Improved currency Increased coverage of non-compliant taxpayers by maximizing limited resources Greater oversight on and [...]